Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,590,259 times
Reputation: 677
Advertisements
Quote:
In the end, its just business. Nothing personal. That ultimately is what free market capitalism is about. I'm sorry if my decision effects your family (lower property values, higher interest rates) but I have to look out for MY family, because no one else is going to. So if you get caught in the process.. too bad. /Quote/
If you want to look out for YOUR family, you need to RENT. You don't need to own a home, because you are irresponsible. Your family suffers because of YOUR irresponsible decisions. That's "too bad."
A-C-C-O-U-N-T-A-B-I-L-I-T-Y, it shows your true character.
So does this "It's just business, nothing personal" cop-out work on car loans, credit card debt, appliance and electronic purchases and bad investments? Is every signed contract on an elective payment schedule that we're free to ignore at our discretion? Because, wow, this is like a return to childhood, where there were no responsibilities and somebody else paid for everything! I can certainly see the appeal; I just don't see how it's gonna work in the real world that those of us without pharmaceuticals have to live in.
I'm not debating ethics or morals; I'm talking bottom line functionality. I'm sure those of you who are heartily endorsing this mass exodus have thought it through and I would like to understand how you think the endgame is going to be favorable. If we all walk away from everything we no longer want to deal with, who's going to cover our obligations? Who's going to account for the megatrillions of debt we're all washing our hands of? The banks? What happens when they go under? The taxpayers? They're already hurting and in position to bear the burden. Domestic investors? Foreign investors? Not likely. Everybody's wise to that clever bundling trick now. So how is our globally intertwined financial system going to soldier on when everybody pulls out the underpinnings? That might be just business, but it will definitely be personal.
I agree but most people don't look beyond their own noses. That is human nature. The fact is a large part of our lifestyle depends on easy credit. Should that go away? Retailers certainly wouldn't like it. In large measure our consumer economy depends on people living beyond their means. Where is the politician who dares to tell people they are overspending for houses, cars, etc.? Nobody wants to hear it.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,830,626 times
Reputation: 6438
Quote:
Originally Posted by postprime
In the end, its just business. Nothing personal. That ultimately is what free market capitalism is about. I'm sorry if my decision effects your family (lower property values, higher interest rates) but I have to look out for MY family, because no one else is going to. So if you get caught in the process.. too bad. /Quote/
Briolat is correct. Free market capitalism, pure or as it is really is in the US, makes no distinction between right and wrong. Why is that so hard for people to understand?
Hrmmm...and by me looking out for MY family...I screw...yours.... and you screw mine...we're all just......screwed...HA HA HA!
Interesting article. Apparently Bank of America wants America to give it 739 billion dollars, to help the economy or something.
I liked the last blurb. I think it is a huge load of bullspit. Why? Because I'm not broke, I don't have any credit card debt. I don't owe a dime to any creditor at all, actually. And I didn't buy a home I couldn't afford. So, why in God's name, should I pay for someone's greed/stupidity/inability to read a contract. I didn't sign the ******** contract.
WHY SHOULD I PAY FOR IT>>>> ARGH>>>>
Its like walking by and someone is on fire and you're all like "Dude, you're on fire." and he's all like "Well, there was this guy selling gas and matches here, so I bought some and poured it on me and set myself on fire and "OH! GOD! It burns! OH, GOD! THE PAIN!" ..."Ermm.....can you can you help pay for my medical bills 'cuz I'm too stupid to know better than to set myself on fire?".......and while he's saying all THAT.......there's the guy standing there......who's counting the money the idiot just paid......and he's looking at you and saying "Yo. I know you didn't buy any gas, but I need some money to pay for being sued for what I just did."
And then this dude in a suit waltzes over, hits you with a Tazer - and takes your wallet.
"Thanks for the support, chum." he says, as he walks away whistling.
“Every citizen has a dog in this hunt,” said John Taylor, president of the National Community Reinvestment Coalition, a community advocacy group that has developed its own mortgage buyout plan. “The cost of spending our way out of a recession is something that everybody would have to bear for a very long time.”
I see this from the opposite side. The side that says "If you screw up, we'll make non-screw ups pay for your screw ups."
Why is bad behavior being rewarded? Why is good behavior not being rewarded?
If I buy a car, and I can't pay for a car, that car gets repossessed. If I overspend on credit and I can't pay it back, then I have to declare bankruptcy and suffer the consequences.
A home is a THING. It is WOOD and DRYWALL and all sorts of other THINGS that are slapped together to make a CAVE with lights. What the heck is the difference? Why should I have to pay for this THING that they bought?
IT IS NOT MY FAULT> It's THEIR FAULT. THEY SHOULD DEAL WITH IT> Not ME! I've been RESPONSIBLE> ARGH!!!!!!!!!!!
Most people are complaining about how bad their situation is and I think it is bad, but for most they have to blame themself. If you can get a loan for $ 300K, should you take it if you can't pay it off in case something happens, why not taken less...
When you go to the store.. they offer me credit cards all the time and they will say "you will safe 10% today or more"...well my answer "NO". I have 2 creditcards and don't need more. I do pay them off every month in full and it is a good thing to learn to say "no" and not blame others when you took all the debt and can't or won't pay it off.
One person on one of the forums stated he had $ 90K in credi card debt...when did he discover this and when did he figger out he can't pay it back, couldn't he stop buying after $ 10K....and realize things should be turned around. Just cut off your credit card if you can't pay them off and start paying back instead of getting more debt...
In the stores it is just a question if you want the credit card....it is not you must take one and spent it until you can't pay back....OMG
I'm so tired of people not taking responsiblity for their actions. All of the sudden everyone is a victim. Our life is made up of choices and I'm just tired of people not owning up to the choices they made or taking responsibility.
To bad the CNN money, Yahoo Finance or these other yahoo's don't do an article on that! Taking responsiblity for your life or your finances. It's just easier to blame others..
I'm so tired of people not taking responsiblity for their actions. All of the sudden everyone is a victim. Our life is made up of choices and I'm just tired of people not owning up to the choices they made or taking responsibility.
To bad the CNN money, Yahoo Finance or these other yahoo's don't do an article on that! Taking responsiblity for your life or your finances. It's just easier to blame others..
If the mortgage companies wouldn't have given loans to every one, it would have saved a lot of the mess most people are in, on the other hand people started to get the equity out of their homes and got very greedy and many are thinking if I can apply for it and they give it..than it is okay...stupid, stupid...think and use your brains..banks aren't giving loans because you are so nice..they give it because they make money off you and the more the better, and if you are making it easy by taking all credit cards you can get and using them to the fullest without thinking...buying a home because they give you $ 250 K mortgage and you try to get the price higher so you don't have to pay closing costs out of your pocket...you think you are smart...but you are fooling your self..buy a home on which you can pay the property taxes your self...closing cost your self, make a down payment....
Some people should calculate how much more they pay for property taxes over all these years if it is paid by the mortgage company....you will be shocked...buy a samller home that you can afford instead of blaming others for homes you hardly couldn't afford in the first place.
So does this "It's just business, nothing personal" cop-out work on car loans, credit card debt, appliance and electronic purchases and bad investments? Is every signed contract on an elective payment schedule that we're free to ignore at our discretion?
Um.. yes it is as long as your willing to pay the price for it (i.e. the inability to have someone take your signature on a signed contract in the future), and having items reposessed.
Most people are complaining about how bad their situation is and I think it is bad, but for most they have to blame themself. If you can get a loan for $ 300K, should you take it if you can't pay it off in case something happens, why not taken less...
Thats just it, in school we are not taught to take less.
I dont think I have seen one other individual expound upon the virtues of buying a cheaper home, getting it paid off in 5 years, then selling that home to buy larger (or living debt free), etc. Sure, it means moving several times, but its a lot cheaper then buying something that you end up losing and moving again.
The vast majority of homes well under water in Las Vegas were new built in 2005 and 2006. Basically the entire new home buying population during that period is under water by about a third. Makes no difference whether they were responsible and bought within their means or irresponsible and bought above it. Still faced with the same problem. It will be at least 7 maybe 10 years before they can get out even. Exactly the same population who bought after the middle of 2007 or before the middle of 2004 is fine.
If they are in reasonably good shape financially they can buy a new home and walk. Likely they can buy the house next door. I would think it would make more sense to correct these loans without the foreclosure. If the US government can achieve that without the cost falling to the taxpayer I would think it a good idea.
The Libertarian view is always pushed on these lists. But it has no basis in fact. This is a matter of contract and state law and the individual should proceed in accordance with his or her best interest. You are free to hold what ever view you wish on personal responsibility. You are not free to inflict your views on the next guy.
Thats just it, in school we are not taught to take less.
I dont think I have seen one other individual expound upon the virtues of buying a cheaper home, getting it paid off in 5 years, then selling that home to buy larger (or living debt free), etc. Sure, it means moving several times, but its a lot cheaper then buying something that you end up losing and moving again.
So now it is the schools fault??????????? I can not believe the level of personal irresponsibility advocated or referenced as a "way of life". and " nothing personal in this post and others! Someone needs to advocate you purchase only what you can afford????...What! Is some one else responsible for the brain transplant so one can understand that principle!!!!Whether it's free market capitalism"or not, utimately it comes back to PEOPLE......BLAME A SYSTEM. BLAME A SCHOOL, THE BANK, WHATEVER.........guarantee these folks are likely to do it again ..........and why? 'cause all you have to say is sorry..........and you are off the hook in their mind................moral relativism........and they are far from alone. That is why a handshake is no longer enough, someone's word...what is that???????????????????????.....
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
